Elizabeth Warren @ewarren
Crypto has a big fraud problem, leading to billions in losses for American consumers. We need strong oversight and consumer protections. And the only people who should be afraid of that are crooks and cheats.
Let’s talk about fraud in the Fiat system and accountability for that. A public blockchain makes tracing money and prosecuting bad actors EASIER!
Hey Liz Your buddy Gary Gensler was CFTC chairman during MF Global The fraud was committed by Gary’s former boss at Goldman. He met with SBF multiple times. The CEO of Alameda is the daughter of Gary’s boss at MIT. Is it really a crypto problem?
Senator Elizabeth Warren and Bloomberg News Need to Give It a Rest with Bashing Wells Fargo and Turn Their Attention to 5-Count Felon, JPMorgan Chase
“JPMorgan Chase…is the only U.S. federally-insured bank in history to be charged with five felony counts in the span of seven years, while keeping the same man, Jamie Dimon, as its Chairman & CEO.” $JPM
@SenWarren @hannahlevitt @FSCDems @FinancialCmte
Since March of 2018, Bloomberg News has published more than 80 negative articles on Wells Fargo with headlines like these: Wells Fargo CEO Abruptly Steps Down, Succumbing to Scandals; Wells Fargo’s CEO Disputes Claim His Bank Is Too Big to Manage; Elizabeth Warren on Wells Fargo CEO’s Departure: ‘About Damn Time’; Ex-Wells Fargo Bosses Face US$59M in Fines; Stumpf Gets Ban.
Based on all of this negative media coverage, particularly at Bloomberg News, one would think that Wells Fargo is the most criminally-inclined bank in the United States. But here is where this story gets particularly curious. While Senator Warren and Bloomberg News have turned Wells Fargo into a piñata, Wells Fargo has not actually been charged with even one felony count by the U.S. Department of Justice. JPMorgan Chase, on the other hand, is the only U.S. federally-insured bank in history to be charged with five felony counts in the span of seven years, while keeping the same man, Jamie Dimon, as its Chairman and CEO.
Wells Fargo’s former CEO John Stumpf has been banned from the banking industry over the fake account scandal at Wells Fargo (a sales incentive program gone wrong) while Jamie Dimon has kept both titles of Chairman and CEO while having his annual pay hiked to over $30 million a year by his crony Board of Directors.